The Australian Accounting Standards Board (AASB) has issued agenda decisions concerning the following agenda items at its meeting held on 15-16 February 2012:
- Scope of AASB 112 Income Taxes – The AASB considered the issue of whether the proposed Minerals Resource Rent Tax (MRRT), which has passed the House of Reps, would be an income tax within the scope of AASB 112 Income Taxes.
- Substantive enactment of resource rent tax Bills – The AASB considered the issue of when it would be appropriate to conclude that “substantive enactment” of the Minerals Resource Rent Tax Bill 2011 and Petroleum Resource Rent Tax Assessment Amendment Bill 2011 (the “resource rent tax Bills”) has occurred. The resource rent tax Bills have passed the House of Reps and are before the Senate.
The Board decided not to add the above issues to its work program. Among other things, the Board said existing guidance in Australian Accounting Standards and Interpretations were sufficient to address the relevant issues.
[LTN 34, 21/2]